Corvus Energy, the world’s leading supplier of energy-storage systems (ESS) for the maritime industry, announced a significant growth capital injection to accelerate its contribution to the global shipping industry’s decarbonization efforts.
Capital and Investment Consortium
- Capital Injection: The company secured a $60 million growth capital injection.
- Lead Investor: The funding round was led by Morgan Stanley Investment Management (specifically its 1GT private climate equity strategy).
- Investor Consortium: The group of blue-chip international investors also includes Just Climate and J. Lauritzen.
- Transaction Advisers: Alexa Capital and the law firm Schjødt advised Corvus Energy on the transaction.
Strategic Use of Funding
The $60 million injection will be used to accelerate Corvus Energy’s expansion and innovation strategy to meet the surging global demand for zero-emission solutions:
- Accelerate deployment of its solutions.
- Expand production capacity.
- Continue leading product innovation.
- Contribute to the decarbonization of the global shipping industry, which accounts for an estimated 3% of global greenhouse gas emissions.
Company and Market Leadership
- Pioneering Role: Corvus Energy was founded in 2009 and is recognized as the pioneer of maritime ESS.
- Market Share: The company supplies more than half of the world’s zero-emission vessels.
- Installed Base: Corvus has delivered over 1,300 hybrid or all-electric ESS installations worldwide.
- Total Capacity and Impact: This represents 1,300 MWh of installed capacity and has averted an estimated 11 million tonnes of CO2 to date.
- Global Operations: The company operates globally across 15 locations with manufacturing sites in Norway, Canada, and the United States.
Notable Recent Projects
Corvus Energy’s current projects highlight its technological leadership in large-scale maritime electrification:
- Largest Fully-Electric Fast Ferry: Supplying 42 MWh of Dolphin Energy ESS for the world’s largest fully-electric vessel and fast ferry, built by Incat for South-American operator Buquebus (set to be commissioned by year-end).
- Fully-Electric Offshore Vessel: Powering the world’s first fully-electric offshore vessel, an electric Commissioning Service Operation Vessel (eCSOV), with nearly 25 MWh of LFP-based energy storage (the Blue Whale system, the largest LFP battery system yet supplied to a maritime project).
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Source: Corvus Energy
